January 23, 2017

FaegreBD Represents Vector Watch Brand in Acquistion by FitBit

Faegre Baker Daniels represented European luxury smartwatch brand Vector in its sale to Fitbit.  The value of the deal was not disclosed.

Vector makes a line of high-end smartwatches that resemble expensive and modern traditional watches and boast an impressive battery life.

Corporate partner Ted Cominos in FaegreBD’s Chicago office, and Counsel Cristina Audran-Proca, of London, led the legal team through the transaction for Vector.  The team also included partners J.J. Saul, Dan Schwartz, Melanie Wadsworth, Huw Beverley-Smith and Paul Patrow. In addition to transactional work, this team advised on intellectual property, tax and data protection aspects of the deal.

The transaction represents yet another high-profile deal involving Romanian-based technology and a U.S. -based acquirer in which serial entrepreneur and investor, Radu Georgescu, and venture investment firm Gecad Ventures have been instrumental.

“This is a perfect illustration of the huge potential of the vibrant Romanian tech industry,” Audran-Proca said. “I am certain that this year we will see other headline success stories coming from this space, as local companies become ripe for investments, exits and perhaps even IPOs.”

“It is great to see growing Silicon Valley awareness of, and interest in acquiring, the cutting edge technologies and exceptional technical expertise that Romania has to offer,” Cominos said.

For more information, read  Vector’s announcement. The transaction was covered globally in media outlets including  USA Today and International Business Times.   

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